Deciding on the best type of credit for you

When you’re borrowing money, it’s important to understand how much the different options cost and how they work. You also need to know how those costs vary depending on how long you want to borrow the money for.

I’m struggling to pay my debts and living costs but I can’t get any more credit.

An interest-free loan from the Social Fund, or help from your local authority or the Scottish and Welsh governments –if you’re on a low income and in real trouble, you might be eligible. You need to pay off as much of your debt as quickly as you can to try and bring it under control.

Seek help from a free debt adviser who can help you draw up a budget, deal with your creditors and see if you’re entitled to any extra benefits.

Don’t borrow to repay debts - you can end up trapped in a cycle of debt. Get help with your finances.